Rockville, MD., July 26, 2024 (GLOBE NEWSWIRE) -- According to a new research report released by Fact.MR, the Global Chocolate Ingredient Market is projected to reach a size of US$ 16.8 billion in 2024 and advance further at a CAGR of 3.5% from 2024 to 2034.
The growing popularity of chocolates for gifting purposes has led to the need for healthier ingredients and creative packaging. Demand for chocolate is increasing steadily due to its popularity in bakery and confectionery applications. Cocoa ingredients are increasingly being used in pharmaceuticals to treat heart health and digestive issues. Cocoa is commonly also used in toiletries due to its flavor and scent. The growing and widespread use of cocoa is a key driver of the global Cocoa ingredients market. Chocolates are widely used in a variety of sectors, including bakery and confectionery.
Global demand for various cocoa-based products is set to rise, resulting in steady growth in the cocoa industry over the next few years. Due to the growing popularity of chocolate and the rising production of cocoa, it is expected that the chocolate ingredients market will expand at a steady pace over the coming years, with North America, East Asia, and Europe remaining key regional markets.
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Key Takeaways from the Chocolate Ingredient Market Study:
- The global market for cocoa ingredients is projected to expand at a CAGR of 3.5% from 2024 to 2034.
- The market is forecasted to increase to a value of US$ 23.69 billion by 2034.
- The market in the United States is forecasted to reach a size of US$ 2.71 billion by 2034.
- Japan is set to account for a market share of 29.4% in East Asia in 2024.
- The food & beverage segment is estimated at a market value of US$ 11.76 billion in 2024.
- The pharmaceutical segment is forecasted to reach a market value of US$ 1.02 billion by 2034.
“Growing number of health-conscious consumers is positively influencing demand for cocoa ingredients, particularly those with health benefits,” reports a Fact.MR analyst.
Role of Polyphenols in Cocoa in Reducing Risk of Neurodegenerative Diseases
Several studies have discovered that polyphenols such as those found in cocoa reduce the risk of neurodegenerative diseases by improving brain function and blood flow. Flavanols can cross the blood-brain barrier and participate in biochemical pathways that produce neurons and other molecules required for brain function. Furthermore, flavanols influence nitric oxide production, which relaxes the muscles of your blood vessels, increasing blood flow and supply to the brain.
Key Market Players Driving the Chocolate Ingredient Market:
The leading key players in the chocolate ingredient industry include The Hershey Company; Ferrero SPA; Ecom Cocoa; Guan Chong Berhad; Blommer; Mondelez; Cemoi; Puratos; Guittard; JB Cocoa; Barry Callebaut; Cargill Incorporated; Olam; Petra Foods Cocoa Ingredients; Nestle S.A.; Puratos Group.
Chocolate Ingredients Industry News:
Key players in the chocolate ingredient industry are strengthening their presence in both mainstream and premium market segments. Major processors and manufacturers are expanding their product portfolios and market reach through mergers and acquisitions, while also lowering production costs through scale efficiency.
- Barry Callebaut, a global manufacturer of high-quality chocolate and cocoa products, announced in April 2022 that it would build a new specialty chocolate factory in Ontario, Canada, to expand its North American footprint. In November 2021, Archer Daniels Midland Company (ADM) purchased Deerland Probiotics & Enzymes, a move that will support ADM's innovation leadership in dietary supplements and functional foods. Similarly, in November 2021, The Ferrero Group ("Ferrero") announced a definitive agreement to acquire the remaining shares of Ice Cream Factory Comaker and related group companies (ICFC), an ice cream manufacturer.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application:
- Food & Beverages
- Pharmaceuticals
- Nutraceuticals
- Cosmetics & Personal Care
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product:
- Cocoa Butter
- Cocoa Powder
- Cocoa Liquor
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel:
- Traditional Trade
- Modern Trade
- Industrial
- Foodservice
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the chocolate ingredient market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study details the chocolate ingredient market based on product (cocoa butter, cocoa powder, cocoa liquor), application (food & beverages, pharmaceuticals, nutraceuticals, cosmetics & personal care), and distribution channel (traditional trade, modern trade, industrial, foodservice), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research
Dark Chocolate Market is expected to reach US$ 69.97 billion in 2024 further expanding at a CAGR of 7.2% by 2034. It is highly appreciated due to its several health benefits and intense flavors arising from its nutrient and antioxidant content.
Industrial Chocolate Market was valued at US$ 62.4 billion in 2023 and is estimated to reach US$ 97 billion by 2033. The manufacturing process for industrial chocolate has low technological barriers, enabling many companies worldwide to participate in chocolate production.
Dairy-Free Chocolate Market is projected to increase over the forecast period, owing to increasing allergies and lactose intolerance associated with milk products among consumers. The market is projected to grow at 15% CAGR during the forecast period.
Compound Chocolate Market is currently valued at US$ 26.4 Billion and, growth is driven by the low price of compound chocolate, the increased price of cocoa butter, the limited supply of cocoa products in the market, and increasing demand in industrial and bakery applications.
Low-Fat Dark Chocolate Market is made from 60% cocoa solids and cocoa butter with little or no sugar instead of fat ingredients including coconut oils and palm. Manufacturers of low-fat dark chocolate are coming up with new products to lure consumers into buying them.
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